Punjab User Industry Seeks Ban of Steel Export for 6 Months

Indian Express reported that Punjab industry, in video conference meeting with Finance Minister Ms Nirmala Sitharaman and an in-person meeting on Saturday
Punjab User Industry Seeks Ban of Steel Export for 6 Months
Ban Steel ExportHindustan Times

Indian Express reported that Punjab industry, in video conference meeting with Finance Minister Ms Nirmala Sitharaman and an in-person meeting on Saturday with Union Minister of State for Commerce and Industry Mr Som Prakash, has asked the Centre to ban the export of steel for at least six months. Punjab’s Chamber of Industrial and Commercial Undertakings President Mr Upkar Singh said “Steel is one of the prominent raw materials for the engineering industry. It is processed and after value addition, sold as finished products to automotive, tractor manufacturing, hand tool companies etc. It is an important component in the bicycle industry as well. Rise in demand of steel, low production of steel due to Covid restrictions, increase in export of steel and cartelisation by steel companies are cited as main reasons for price hikes.”

CICU General Secretary Mr Pankaj Sharma said “Media reports indicate that large steel rolling mills prefer to export steel. They have booked orders for Europe, Middle East etc, which is one reason for shortage of steel in India. Thus companies are increasing prices at their will. Cost of steel prices is adding to cost of MSMEs and hence they will run into losses. MSMEs will not be able to book orders considering current raw material prices and a number of MSMEs will be forced to close due to these increase prices of basic raw material.”

CICU said that export of steel should be banned for six months and there be no import duty on steel. Maximum incentive should be given under the stimulus package announced by Finance Minister Nirmala Sitharaman to MSME, cartelisation should be controlled and betting & speculation in steel must be curbed by the government

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